The Steel Brazil Institute, together with 19 other entities representing the steel sector in the Americas, Europe, Asia and Africa, renewed today (10/22) its call for the governments of steel producing countries to intensify their work at the Global Forum on Excess Steel Capacity (GFSEC), in the search for solutions to this problem. According to recent calculations of Steel Brazil, considering the OECD production capacity by country and the equivalent steel consumption of the World Steel Association, the excess steel capacity in the world went from 395 million to 521 million tons, which worsens conditions in the international market with the protectionist escalation and predatory trade practices. Steel industries worldwide have expressed great concern about the recent increase in steel overcapacity at a time when demand is severely depressed by the COVID-19 pandemic, reversing a trend of gradual reductions in overcapacity over the three years after GFSEC has been established.

Within this context, Latin America, and Brazil inserted in it as the largest market, still presents itself as the only area in the world open and unprotected in relation to the threat posed by this gigantic excess capacity in the world.

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